McDermott Will & Emery has a nice discussion about the case, as does Law Firm Risk Managment Blog (IntApp). In re Shared Memory Graphics LLC, Misc. Dkt. No. 978 (Fed. Cir., Sept. 22, 2011) (Dyk, J.) (Newman, J., dissenting).
I like the result and view it as being in a category of situations where the courts need to let corporate clients contract around the default settings of the conflicts rules. That category includes joint defense agreements, advance waivers, and corporate affiliate conflicts.
Regarding that last point, I was disappointed by the Second Circuit's holding in GSI Commerce Solutions, Inc. v. BabyCenter LLC. Although the court was wise enough to cite my law review article :-) -- it should have given more credence to the first question in the five part analysis I had offered: what did the firm and client agree to when they discussed the corporate affiliate issue? The "one client" clause in that case was buried in an addendum, and I'm OK with a holding that disregards buried clauses. But if the case comes to be understood as disregarding "one client" clauses when they're appropriately conspicious, the Second Circuit got it wrong and the result won't stand.